Using the provided templates, accurately complete each step of the accounting cycle.

Upload the completed templates.

If you are unable to open the templates using Excel you may create your own and upload them. Please do not send pictures as they can be very difficult to read.

If you use any resource other than the text, lectures materials provided in class, you must provide the documentation of what you used.

Extra$-$credit. Make the appropriate closing entries in the journal. You will not lose points for mistakes on the extra$-$credit portion of this exam.

Use the following transactions:

March $1$: Owner invests $$10,000$ in the company

March $2$: $$500$ of office supplies are purchased

March $2$: $$5000$ of equipment is purchased on credit

March $3$: $$1000$ of inventory is purchased on credit

March $5$: Customer makes purchases of $$400$

March $7$: Utility bill for $$150$ is received

March $10$: Customers make purchases of $$350$

March $12$: A customer pays $$150$ for future services.

March $13$: $$1000$ of inventory is purchased on credit

March $15$ Part$-$time help is paid wages of $$500$

March $17$: Payment of $$1500$ is made on the Equipment account

March $17$ Payment of $$500$ is made on the Inventory account.

March $18$: $$150$ of services previously paid for is provided

March $20$: $$150$ utility bill is paid

March $22$: Customer makes $$300$ purchase on credit

March $23$: $$500$ for equipment maintenance is paid

March $24$: payment of $$750$ on Equipment account is paid

March $25$: Customers make $$1500$ worth of Purchases

March $30$: Wages of $$500$ are paid

March $30$: $$150$ of Office supplies remain unused

The ledger t$-$accounts are labeled.

All balances begin at $0$

Rubric:

Journal entries are formatted and entered correctly $(5$ points possible per entry$)$

Postings to the ledger are entered correctly $(5$ points per entry$)$

Income statement has the correct accounts $(15$ points$)$

Net income is correct $(5$ points$)$

Trial balance has the correct accounts and balances $(15$ points$)$

Adjusted trial balance has the correct accounts and balances $(15$ points$)$

Balance sheet entries are entered correctly $(3$ points per entry$)$

Balance Sheet balances $(25$ points$)$